Sheikh Fahad Bin Mohammad Bin Jabor Al-Thani, Chairman of the Board of Directors of Doha Bank, announced that the Board of Directors has approved the draft of the bank’s audited financial statements for the year 2017.
The net profit of the bank for the year 2017 is QAR1,110 million, compared to QAR1,054 million in 2016. The BOD has decided to present a recommendation to the General Assembly to approve the distribution of cash dividends of QAR3 per share to shareholders.
Following are the Board Resolutions:
Approved the draft of the audited financial statements of the year 2017.
Submit a recommendation to the Ordinary General Assembly to distribute cash dividends to shareholders at QAR3 per share.
Submit a recommendation to the AGM to approve the following:
- Issuance of Debt Notes Bonds by using Doha Bank’s EMTN programme valued at US $ 2 billion.
- Reduce the minimum amount per issuance under the commercial papers programme from USD50 million to USD1.0 million, which was approved earlier by the Shareholders in a meeting (held 10/5/2016).
Call the Ordinary and Extra Ordinary General Assembly of Shareholders for a meeting on 7 March 2018, and in the event the quorum is not met, a second meeting will be held on 14 March 2018.
Approved the Agenda of the Ordinary and Extra Ordinary General Assembly Meeting of Shareholders.
Noticeable Growth Rates
The chairman said that the Bank has achieved noticeable growth rates in many financial indicators. The total assets rose by QAR3.1 billion from QAR90.4 billion in 2016, to QAR93.5 billion in 2017 – a growth rate of 3.5%. Loans and advances rose from QAR59.2 billion in 2016 to QAR59.8 billion in 2017 – a growth rate of 1.0%.
Customer deposits grew by 6.7%, where the total deposits increased from QAR55.7 billion in 2016 to QAR59.5 billion in 2017. The total shareholders equity reached to QAR14.8 billion by year end with an increase of 10.7%, compared to last year.
Sheikh Fahad also declared that as of 31 December 2017, the earnings per share was QAR3.02 and the return on average shareholders equity was 11.9% and the return on average assets was 1.21%.
The audited financial statements, declared net profit, proposed cash dividends percentage and the recommendations related to debt notes and commercial papers are subject to approval of concerned regulatory authorities and the General Assembly of the Shareholders.
Sheikh Fahad said that the Board of Directors and the Executive Management will work together to achieve greater results and accomplish the objectives outlined in the bank’s strategy in the next five years.
For more information about Doha Bank, visit their website at dohabank.qa.